Monday, August 29, 2016

Red Ponzi Ticking
China & The Dark Side Of The Global Bubble
"China has been the epicenter of this global crack-up boom. Unrestrained by any traditions of sound money or even vestigial mechanisms of market discipline and financial controls, the communist party apparatchiks who inherited Mr. Mao’s epic mess let loose a credit-driven construction and investment mania like the world have never before seen .. It amounted to a veritable Red Ponzi. That’s the real menace .. China is not a $10 trillion growth miracle with transition challenges; it is a quasi-totalitarian nation gone mad digging, building, borrowing, spending and speculating in a magnitude that has no historical parallel .. It has fashioned itself into an incendiary volcano of unpayable debt and wasteful, crazy-ass overinvestment in everything. It cannot be slowed, stabilized or transitioned by edicts and new plans from the comrades in Beijing. It is the greatest economic train wreck in human history barreling toward a bridgeless chasm .. If China goes down hard the global economy cannot avoid a thundering financial and macroeconomic dislocation."
- David Stockman*
LINK HERE to the essay

LINK to related article from the archives

1 comment:

Anonymous said...

Bill and Hillary, Bonnie and Clyde of Charity Fraud — Charles Ortel

“Bill and Hillary have been monetizing public service.”

from Greg Hunter:

Financial expert Charles Ortel says the Clintons’ real problem is outright charity fraud when it comes to the Clinton Foundation. Ortel explains, “On the other hand, on charity fraud, it’s a very different thing. In charity fraud, unlike pay-to-play, you don’t have to prove intent. Under New York State law, in particular, the requirement is merely that you prove the public filings in the Clinton Foundation are false and materially misleading, and they certainly are. This is why you are starting to see these editorial boards around the world say wait a minute. You also have to prove that they solicited, not that they raised money, that they solicited. That, the Clintons have admitted. . . .

On the charity fraud side of life, that is the mine field for the Clintons. The second the IRS, or any attorney general or a state taxing authority, decides to make an issue of this, the burden of proof shifts . . . the charity has to come forward and prove the affirmative case. The Clinton Foundation has to prove, since October 23, 1997, that all you have been doing exclusively is furthering the authorized tax exempted purposes, which as far as I know is, to be merely a research facility and archive based in Little Rock. Prove that’s all you have done. Show us the legally audited financial statements. Show us those audits.”

In closing, Ortel contends, “This is a tale that needs to be told, but it’s not going to be a tale that people swallow at first blush given the fact how powerful the Clintons are or how vengeful the Clintons are when they are in power. . . . Another way to talk about the Clintons is the Bonnie and Clyde of charity or the Al Capone of charity.”